As we approach the end of the Friday session, pretty much all major cryptocurrencies have been positive for the week. Bitcoin (BTC) is up by 6%, while Ethereum (ETH) gained 8% during the week. Last week, we made it clear that our view of Bitcoin (BTC) was positive, and it has since rallied significantly. Similarly, the momentum in Ethereum also remained positive, which tells us that the cryptocurrency market is healthy & bullish.
We know it pretty well that past trends in crypto or any other market are not an indication of future movements. As we approach the weekend, let’s take a look at the updated TA to identify current sentiments.
Weekly Open: $22,577.13
Weekly High: $24,442.66
Weekly Low: $20,706.50
If we just look at Bitcoin (BTC) from this week’s perspective, it seems that Bitcoin (BTC) is bullish as it is trading well above the 50 EMA and 100 EMA lines. On top of that, a bullish crossover (50-100 EMA) also took place on 28 July 2022, which is another positive sign for Bitcoin (BTC).
However, we can’t see the clear picture by just looking at the price action of this week alone. To get the full picture, have a look at this zoomed-out chart:
After looking at this H1 chart of BTC from 20 July 2022 to 29 July 2022, it becomes clear that Bitcoin (BTC) has approached a resistance level around the $24,000 – $24,200 region. Considering how BTC was pushed lower by almost 14% from the $24,000 region last time, it has become more important to watch these levels.
That’s why we believe that Bitcoin (BTC) must break through the $24,000 – $24,200 region with enough momentum to go ahead. Otherwise, it will just continue to bounce around and may even dive down if we see profit-taking or sellers taking over.
Weekly Open: $1597.70
Weekly High: $1784.79
Weekly Low: $1356.17
The start of this week for Ethereum was a little bearish as it took a nose dive from $1597.70 weekly open to $1356.17 (almost a 15% drop). However, ETH has since recovered and is now trading well above its weekly open price (around 5% higher).
On top of that, there is another piece of good news for ETH, and that is the breaking of the $1640 – $1660 resistance zone. If Ethereum manages to stay above the $1640 – $1660 resistance for a reasonable period and also finds sufficient demand, it may increase by 15% to 20%. On the downside, the following support zones are around $1600, $1500, $1480, and $1350.
With the bullish crossover of 50-100 EMA in ETH that happened on 28 July 2022, our view of the Ethereum (ETH) is bullish.
Weekly Open: $261.4
Weekly High: $299.4
Weekly Low: $239.6
Just like Ethereum (ETH), BNB also dropped a little after the weekly open at $261.4 and registered a loss of around 8%. However, it recovered quickly and is now trading 12% higher than its weekly opening price, which is a much better performance than BTC and ETH.
If you look at the H1 BNB chart, you can see that a bullish formation has been completed and BNB is now about to hit its target of the $308 – $308 region.
Considering how bullish BNB has been since this week, it only makes sense for it to cool down a little bit before making the next move. So for the next few days, we believe that BNB may drop down a little bit to cool down the technical indicators.
So, for now, BNB is too hot and needs a little bit of a pullback before the next move. On the downside, the levels at $280, $270, and $265 seem to look important. And if we look at the top side, the nearest resistance zones are around $310, $320, and $335.
Weekly Open: $0.5120
Weekly High: $0.4510
Weekly Low: $0.5454
The opening price of Cardano (ADA) was $0.5120 on 25 July, from there it went down to $0.5454 and lost 11.90% of its value. However, it bounced back from the $0.5454 (weekly low) and went on to challenge the resistance zone located at $0.53 – $0.545.
If you look at the charts, you will notice that Cardano (ADA) reacted negatively around that price zone which tells us that sellers are present around that level. On top of that, a fair bit of profit-taking also happened in ADA, which can be seen as ADA is hesitating around the $0.53 – $0.545 zone.
So until we see a break of the $0.53 – $0.545 zone, we can’t set any bullish target for Cardano (ADA). On the downside, the levels at $0.495 and $0.450 look important.
Weekly Open: $0.06755
Weekly High: $0.07244
Weekly Low: $0.06011
DOGE’s opening price was $0.06755, from where it dropped 11% only to recover and add 20% to its value ($0.07244 weekly high). The nearest resistance for DOGE is around $0.071 – $0.072, which is keeping the bulls under pressure. On the downside, the important support levels are $0.067, $0.066, and $0.065.
If the resistance zone at the $0.071 – $0.072 breaks and we witness bullish momentum in DOGE, that will complete the right shoulder of an “inverse head & shoulder” & could add almost 19% to its value. However, any trend in DOGE will be highly dependent on the overall positive momentum in BTC and other big-name cryptocurrencies.
This Week In Crypto News
Let’s have a quick overview of what happened in the crypto market:
- Top investors in Ethereum (ETH) are aggressively buying SHIB coins. Is that a sign that we may see some explosive momentum in this coin?
- CEO of Sky Mavis denies all accusations of insider trading.
- Santander plans to introduce crypto trading in Brazil.
- Ethereum developers have confirmed one last update before the final merger.
As you can see, nothing negative or even positive happened in the crypto space that can be classified as major. For most of the largest cryptocurrencies, the price action was within the normal ranges and the overall trend remained bullish.
For the next week ahead, the sentiment is mostly bullish to neutral at best, as most of the cryptocurrencies are close to some important resistance zones. As it usually goes within the crypto market, pay close attention to the market sentiment of BTC as it usually influences the broader market.
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